Thursday, December 18, 2014
Top Story
FedEx buys GENCO 3PL
FedEx Corp. has signed an agreement to acquire GENCO, one of the largest third-party logistics providers in North America, to help expand existing FedEx services in retail and e-commerce markets.
Processing more than 600 million returned items a year from many of the world’s leading brands, GENCO is considered a market leader in reverse logistics, providing triage, test and repair, remarketing and product liquidation solutions.
With $1.6 billion in annual revenue and more 130 operations, GENCO offers a broad range of logistics services to customers in the technology, consumer, industrial, retail, and healthcare sectors.
"The acquisition of GENCO will transform our global portfolio through the addition of new best in class supply chain management services," said Frederick W. Smith, Chairman and CEO of FedEx Corp. "As e-commerce continues to grow, customers of both companies will reap the benefits from the broadened capabilities and powerful new services."
GENCO will continue to operate as an independent company until the transaction is closed in the new calendar year. GNCO CEO Todd Peters will continue in his position after the deal is done, FedEx said.
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